There are a variety of Forms 5498 that individuals may receive that are intended to provide the recipient with information about their Individual Retirement Account (IRA), Coverdell Education Savings Account (ESA), Health Savings Account (HSA), or Archer Medical Savings Account (MSA). These forms are typically issued by the trustee of the IRA or issuer of the HSA/Archer MSA on a version of Form 5498.
The information on a Form 5498 that is relevant to the preparation of the tax return (such as contributions to an IRA or a Health Savings Account is on other taxpayer records.
Form 5498 – IRA Contribution Information includes, among other items, the contributions (Box 1) that were made during the year and any contributions through April 15th that were designated for the prior year, rollovers (Box 2), Roth conversions (Box 3), the fair market value of the account as of December 31st (Box 5), and any Minimum Required Contributions (Box 12b). None of this information is typically entered onto the tax return from this Form 5498 and instead is entered from other source documents, specifically a Form 1099-R or other records.
Moreover, this form is not typically available to the taxpayer until after April 15th (since it can include contributions through that date for the previous tax year) and is not used to prepare the tax return.
Form 5498-ESA – Coverdell ESA Contribution Information is sent to the beneficiary of the Coverdell Education Savings Account. This form is not due to the beneficiary of the account until May 1 and it shows the contributions to the account through April 15. This form is only for information and is not used in the preparation of the tax return.
Form 5498-QA - ABLE Account Contribution Information is sent to the ABLE (Achieving a Better Life Experience) account owner/beneficiary by March 15 and reports contributions, rollovers, and program-to-program transfers for the prior year. The only tax implication is if the Box 1 contributions are more than the annual gift tax exclusion and the ABLE account did not return the excess plus earnings to the contributor before the due date of the return (including extensions). See Form 5329 Part VIII instructions for more information.
Form 5498-SA – HSA, Archer MSA, or Medicare Advantage MSA is sent to the participant of a HSA or Archer MSA. Generally, contributions the taxpayer makes to their HSA or Archer MSA are deductible on Form 8889 and employer contributions are excluded from the employee's income and are not deductible by the taxpayer. The account trustee must have this form filed with the IRS and the taxpayer participant by May 31.
If the employer makes a contribution to one of the taxpayer's Archer MSAs, the taxpayer cannot contribute to any Archer MSA for that year. If the taxpayer made a contribution to their Archer MSA when their employer has contributed, the taxpayer cannot deduct their contribution and they will have an excess contribution.